Markus spends $200 per month on cigarettes. Suppose he quits smoking and invests the same amount at
Question:
Markus spends $200 per month on cigarettes. Suppose he quits smoking and invests the same amount at the end of each month for 20 years. If the invested money earns 3.6% com-pounded monthly, how much will Markus accumulate after 20 years?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (5 reviews)
Given FV PMT 200 n 1220 240 i ...View the full answer
Answered By
Gabriela Rosalía Castro
I have worked with very different types of students, from little kids to bussines men and women. I have thaught at universities, schools, but mostly in private sessions for specialized purpuses. Sometimes I tutored kids that needed help with their classes at school, some others were high school or college students that needed to prepare for an exam to study abroud. Currently I'm teaching bussiness English for people in bussiness positions that want to improve their skills, and preparing and ex-student to pass a standarized test to study in the UK.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
Question Posted:
Students also viewed these Mathematics questions
-
Markus spends $60 per month on cigarettes. Suppose he quits smoking and invests the same amount at the end of each month for 20 years. If the invested money earns 7.5% compounded monthly, how much...
-
How much money will Tom and Tricia have in 45 years if they do nothing for the next 10 years, then put $2400 per year away for the remaining 35 years? How much money will Tom and Tricia have in 10...
-
1. Joshua Vermier of Sacramento, California, received a raise after his first year on the job to $43,800 from his initial salary of $42,000. What was Joshuas raise stated as a percentage? Inflation...
-
The following list shows the top six pharmaceutical companies in the United States and their sales figures ($ millions) for a recent year. Use this information to construct a pie chart and a bar...
-
Air enters the compressor of an ideal air standard Brayton cycle at 100 kPa and 290 K with a mass flow rate of 6 kg/s. The compressor pressure ratio is 10. The turbine inlet temperature is 1500 K. If...
-
Horton Manufacturing Inc. produces blinds and other window treatments for residential homes and offices. The owner is concerned about the maintenance costs for the production machinery because...
-
For anterior cruciate ligament (ACL) reconstructive surgery, the probability that the surgery is successful is 0.95. 1. Find the probability that three ACL surgeries are successful. 2. Find the...
-
Assume that you are auditing the financial statements of Agee Corporation. During the course of the audit, you discover the following circumstances. 1. Management of Agee has decided to discontinue...
-
What are organizations doing to effectively manage diversity? What methods of managing a diverse work environment tend to work best?
-
The H & L Bark Company is considering the purchase of a debarking machine that is expected to provide cash flows as follows: If the appropriate annual discount rate is 14 percent, what is the present...
-
Sabrina owns a loan contract that will provide her with payments of $350 at the end of every month for the next 11 years and 5 months. If Sabrina sells this loan contract today, what price would an...
-
You have obtained a personal loan to be repaid by a series of seven equal payments. The payments will be made at the end of every quarter. Draw a time diagram for this annuity. On the diagram,...
-
A couple MB of magnitude 2.4 N m is applied to the drive drum B of a portable belt sander to maintain the sanding belt C at a constant speed. The total downward force exerted on the wooden work piece...
-
A bicycle wheel is being tested at a repair shop. The angular velocity of the wheel is 4.00 [rad/s] at time t = 0, and its angular acceleration is constant and equal to -1.20 [rad/s]. A spoke OP on...
-
The management of Zigby Manufacturing prepared the following balance sheet for March 31. Cash Accounts receivable Raw materials inventory Assets ZIGBY MANUFACTURING Balance Sheet March 31 Liabilities...
-
Assignment 3: Job Search and Application Exercise (35%). Due week 11. In this exercise you are required to perform a job search within your field of study and select and a job. Once selected you will...
-
Verify Stokes' theorem for the vector Field B = ( rcos + sino) by evaluating: (a) B. dl over the semicircular contour shown in figure on the right, and (b) (VxB). ds over the surface of the...
-
Detail the meaning of the Rank Ordering Ethical Principle. The degree of agreement on ordering of ethical principles is unknown. There is the possibility for variability in individual hierarchies and...
-
Frazier Company issues a 10%, 5-year mortgage note on January 1, 2019, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment...
-
In exchange for land, the company received a 12-month note on January 1. The face amount of the note is $1,000, and the stated rate of interest is 13%, compounded annually. The 13% rate is equal to...
-
The sign on the elevator in an office tower states, Maximum Capacity 1,140 kilograms (2,500 pounds) or 16 Persons. A professor of statistics wonders what the probability is that 16 persons would...
-
Refer to Exercise 9.26. Does your answer change if you discover that mortgages are not normally distributed?
-
Statisticians determined that the mortgages of homeowners in a city is normally distributed with a mean of $250,000 and a standard deviation of $50,000. A random sample of 100 homeowners was drawn....
-
ABC Inc. curently has a share price of $44. If they are paying a dividend of $1.13, with a cum dividend date of November 1, would would you expect their share price to be on November 2nd? Please give...
-
Does China benefit from a weak currency?Does Us benefit from a strong currency? Why? Please explain
-
You purchased 10 ASD June 45 puts and the company declares a 10% stock dividend. How are the terms of the option contract then changed?
Study smarter with the SolutionInn App